Bitcoin Futures Demand Hits 2024 Lows as Institutional Traders Stay Cautious

Market intelligence indicates Bitcoin futures open interest has declined to $32 billion, marking the lowest level since 2024 and representing a 20% decrease from one month prior. Data analysis reveals the annualized basis rate dropped to 2%, significantly below the neutral range of 5-10%, suggesting reduced confidence among leveraged position holders. Despite this, aggregate CME futures positioning remains substantial at $7.5 billion, indicating major institutional participants maintain market presence. The decline coincides with Bitcoin trading 45% below its October 2025 all-time high of $126,200, though the asset has recovered 10% from weekend lows near $63,000. On-chain metrics continue显示机构级持仓保持稳定，ETF日均交易量维持$30亿以上。Options market data显示看跌期权需求相对较低，put-to-call比率维持在0.7水平，表明衍生品市场未见系统性风险迹象。